Annual report 2011
Lappset s strong financial position creates a foundation for growth The worldwide economic downturn and especially difficult markets in Europe did affect negatively Lappset s sales during 2011. This was partly compensated by increase of sales in Finland. The financial position for Lappset Group Ltd continues to be strong. The company s equity ratio climbed to 65.8%, which represents a growth of 7.9 percentage points. The turnover reached EUR 46.5 million, the operating profit was EUR 1.1 million. The cash flow and liquidity of the company are very good. The capital turnover rate has developed positively, and especially the capital employed in current assets has been significantly lower than in previous years. However, major investments in future growth has brought in a heavier cost structure, resulting in an unsatisfying corporate result for 2011. Also affecting the company earnings negatively are very difficult market situations in two subsidiary countries with an own subsidiary, Spain and the UK, who closed the books with losses last year. Key figures describing the financial position and profitability of the Group 2011 2010 2009 2008 Turnover, M 46,5 45,4 47,6 47,6 Operating profit, M 1,1 3,6 4,7 2,9 Operating profit as percentage of turnover 2,4 7,9 9,9 6,1 Return on equity, % 2,9 17,2 28,2 12,4 Equity ratio, % 65,8 57,9 54,4 44,6 Key personnel figures 2011 2010 2009 2008 Average number of employees during the financial year 308 295 296 321 Salaries and wages for the financial year, M 13,6 12,9 13,1 13,6 financial report 2011 2
Administration During 2011, the Board of Directors for the company included the Chairman, Johanna Ikäheimo and members Ben Grass (until April 2011), Torkel Tallqvist, Thomas Berfenfeldt (as of May 2011), Kimmo Lautanen (as of May 2011) and Erkki Ikäheimo. The Executive Assistant was Irma Kuukasjärvi. The Managing Director was Juha Laakkonen. KMPG Oy Ab, Authorised Public Accountants, acted as the auditor of the company. Financial Position and Capital Expenditure At the end of the review period, the consolidated asset was EUR 20.5 million (24.3 million the year before). Lappset strengthened its financial position and especially short term bank loans came down to EUR 0.4 million from EUR 1.8 million the year before. During 2011, the company decided on two major investments: acquisition of all remaining shares of the Dutch joint venture Lappset Yalp B.V. This transaction was concluded in the beginning of 2012. The second major investment decision was to build an own metal parts production facility in Estonia. Construction is on-going near Tallinn and production is expected to start during 2012. The Board of Directors proposal concerning the distribution of profits The distributable profits of the parent company were EUR 10.150.941,20, of which EUR 784.779,49 was profit for the period. The Board of Directors proposes that the profit for the period be distributed as follows: - a dividend of EUR 0,30/share i.e. EUR 123.120,60 - left in the retained earnings account EUR 661.658,89. No essential changes in the company s financial standing have occurred after the end of the financial year. The liquidity of the company is good and it is the view of the Board of Directors that the suggested distribution of profits does not endanger the company s solvency. Innovations and internationalisation lead the way into the future The past year was an active one for Lappset Group Ltd. It saw several new innovations of which cooperation with Rovio Entertainment Ltd regarding the Angry Birds universe reached wide international media attention. This increased Lappset s brand recognition especially in the Asian market and gained special attention for the Group s international distribution network. In 2011, Lappset made significant investments for growth by developing the subsidiary structure. At the start of the previous year, the Group founded a new subsidiary, Lappset Citec SAS, in France. It was based on a company previously operating as a distributor. The decision to found the seventh subsidiary, Lappset Estonia OÜ, in Estonia, was made towards the end of the year. In June 2012, the company will begin manufacturing metal components and metallic product lines at a production facility near Tallinn. With the founding of this company, Lappset Group Ltd now has manufacturing in the Swedish subsidiary in Enköping along with the production units in Rovaniemi and Pello. The Enköping plant manufactures most of the yard, park and street equipment. Of the development actions after the financial year 2011 it is worth mentioning the share transaction in the Netherlands. Through this, Lappset acquired the majority share of a company previously operating as a distributor. Lappset sold the SmartUs operations to this company thus forming there a centre of competence for interactive play solutions. As for product solutions, the success of senior products continued in Spain. Despite the poor financial situation in the country, Catalonia ordered equipment for 300 senior parks. In addition to Spain, the poor financial situation in the public sector in Italy, Portugal and Greece has been reflected in Lappset operations as a reduced number of orders. The waves in Europe were not felt in the domestic market, for an excellent year in Finland further strengthened Lappset s position as a clear market leader in Finland. The Swedish subsidiary, Lappset Sweden AB, also finished 2011 with good results. FinanCial report 2011 3
Investments to management and personnel are shown as well-being within the working community The Investors in People (IIP) programme, launched in 2010, finished at the end of the financial year 2011. The final assessment for the programme showed a positive trend in developing management and expertise. According to the end report for IIP by Excellence Finland, Lappset possesses a strong corporate culture which manifests itself as a positive atmosphere and happy personnel. The objectives and targets are clear, well communicated and implemented. Quality and reliability are recognised as factors for success throughout the organisation. The personnel is committed to performing well and believes to be able to affect the result of the whole organisation. Employees feel their work is valuable and that it is appreciated. Work well-being is an integral part of management for Lappset Group Ltd. For this reason the company has invested in the development of management and expertise. Investments in personnel expertise and management will bear fruit as positive progress in the near future. The global financial situation has had a smaller than expected effect on the company. This makes the growth prospects seem more positive in e.g. Asia and Australia. The financial situation in Europe is not expected to improve soon. This is why future growth is pursued by increasing market shares. Additionally, growth requires seeking new markets and increasing operations on the developing markets. A strong organisational culture and a fine value base at Lappset enable success in the future. The payroll system for clerical workers was renewed during the financial year, and a personnel balance sheet was produced. Responsibility and flexibility form an integral part of the value base for Lappset. This is why the company produced a report on Corporate Social Responsibility for the previous year. The report was done in accordance with internationally used and accepted GRI (Global Reporting Initiative) guidelines. New concepts inspire the future Lappset will launch a record number of concepts for different age groups during 2012. This will have a positive effect on the growth of the company. A new product range and the first large activity parks through partnership with Angry Birds will be ready in the spring of 2012. Several new activity parks will be opened all over the world as a result of this unique concept. financial report 2011 4
Principles for drawing up the Financial Statement Scope of the consolidated financial statement The financial statements of the Group include all Group companies: Lappset Group Ltd (parent), Rovaniemi, Finland; Smartus Ltd, Rovaniemi, Finland; Lappset Spiel-, Park- und Freizeitsysteme GmbH, Viersen, Germany; Lappset Playworld UK Ltd, Kettering, England; Lappset Sweden Ab, Enköping, Sweden; Lappset Play SRL, Milano, Italy; Lappset España VR SL, Barcelona, Spain; Lappset Estonia Oü, Tallinn, Estonia and Lappset Citec SAS, Nanterre Cedex, France. Lappset Playworld UK Ltd is consolidated as a joint venture according to the Finnish Accounting Act Chapter 6, Section 15. The shared control is based on the distribution of ownership and stakeholder agreements regarding company administration Lappset Play SRL has ceased to exist on 15 December 2011. A copy of the consolidated financial statements is available on request from the main office of the Group at P.O. Box 8146, FI- 96101 Rovaniemi, Finland. Accounting principles for the consolidated financial statements Intra-Group transactions and margins The consolidated financial statements have been prepared using the acquisition cost method. Intra-Group transactions, unrealised margins on internal deliveries, internal receivables and liabilities along with Intra-Group distributions of profit have been eliminated. Internal share ownership The difference between the acquisition cost of subsidiaries and the corresponding shareholders equity has been entered as consolidated goodwill. The write-off period of the consolidated goodwill is five years. Minority shares Minority shares have been separated from the consolidated shareholders equity and operating result and presented as a separate item. Conversion differences The financial statements for foreign subsidiaries have been converted to euros according to the official exchange rate of the European Central Bank or according to the rate in effect on the closing date of the accounts. The conversion difference has been presented as a separate item. Valuation principles of the financial statements Fixed assets have been entered in the balance sheet at their acquisition cost less planned depreciation. Current assets are valued at the lower of their acquisition cost, net realizable value and replacement cost. The acquisition cost is determined according to the moving average method, which is related to the FIFO principle. The acquisition cost of finished and unfinished production includes variable costs. Marketing materials are included in the assets on the balance sheet at acquisition cost. Enterprise Resource Planning system development costs have been capitalized. Direct costs have been capitalized for product development costs according to the decision of the Ministry of Trade and Industry. The write-off period for them is five years. Derivatives are recognised at their acquisition cost and changes in their fair value are not recognised. Company derivatives include currency options and interest rate derivatives. The currency options are used to protect against changes in the foreign currency streams. The forward exchanges mature during 2012. Interest rate derivatives are used to protect against interest rate changes. Depreciation difference The depreciation difference has been divided between shareholders equity and deferred tax liabilities. Deferred tax liabilities and receivables are recorded for all temporary differences between the tax written down values and net book values using the tax rate for the following years, confirmed at the closing date. FinanCial report 2011 5
Lappset Group LTD / consolidated profit and loss account( ) 1.1. - 31.12.2011 1.1. 31.12.2010 1.1. 31.12.2009 Net turnover 46 488 630 45 353 632 47 568 971 Variation in stocks of finished goods -1 161 623 733 944-278 000 Production for own use 18 070 62 681 31 765 Other operating income 243 413 539 990 123 046 Raw materials and services Raw materials and consumables Purchases during the financial year -15 069 903-16 116 293-15 320 639 Variation in stocks -173 152 144 253 44 646 External services -2 620 849-1 898 946-2 070 777 Together -17 863 904-17 870 986-17 346 770 Staff expenses -13 565 338-12 856 508-13 112 247 Depreciation and reduction in value Depreciation according to plan -1 485 239-1 543 284-1 521 075 Depreciation of goodwill on consolidation -140 336-140 336-140 336 Together -1 625 575-1 683 620-1 661 411 Other operating charges -11 431 080-10 762 096-10 639 369 Operating profit 1 102 593 3 517 037 4 685 984 Financial income and expenses Other interests- and financial income 102 018 83 914 113 952 Foreign exchange differences -10 875 157 699 165 410 Interests and other financial expenses -224 578-389 322-378 860 Financial income and expenses together -133 434-147 709-99 497 Profit before extraordinary items 969 159 3 369 327 4 586 486 Profit before appropriations and taxes 969 159 3 369 327 4 586 486 Taxes Income taxes -574 816-857 255-1 334 039 Income taxes for previous years -51 050-105 251 74 067 Income taxes for the financial year 60 261-56 092 46 847 Minority share -24 591-342 652-293 130 Profit for the financial year 378 962 2 008 077 3 080 231 financial report 2011 6
Lappset Group LTD / consolidated BAlance sheet assets ( ) 31.12.2011 31.12.2010 31.12.2009 Non-current assets Intangible assets Development costs 0 227 184 479 508 Intangible rights 384 971 419 682 612 324 Goodwill 68 333 162 876 0 Group goodwill 0 140 336 280 673 Other capitalized long term expenses 113 097 151 230 215 350 Advance payments 0 20 833 3 789 Together 566 401 1 122 141 1 591 643 Tangible assets Land and waters 547 741 161 163 161 789 Buildings 2 080 561 2 575 579 983 850 Machinery and equipment 1 744 435 2 030 418 2 337 074 Other tangible assets 40 482 40 323 28 890 Advance payments and acquisitions outstanding 445 604 279 119 16 588 Together 4 858 824 5 086 602 3 528 191 Investments Other shares and similar rights of ownership 440 063 438 463 434 463 Together 440 063 438 463 434 463 CURRENT ASSETS Stocks Raw materials and consumables 820 286 981 726 789 449 Production outstanding 72 262 109 437 130 033 Finished goods 2 407 299 3 577 301 2 724 580 Stocks together 3 299 846 4 668 464 3 644 062 Deptor Long-term Loan receivables 136 570 129 557 129 557 Trade debtors 14 952 17 497 13 552 Together 151 523 147 054 143 110 Short-term Trade debtors 6 624 057 8 276 658 8 608 751 Other debtors 317 819 433 211 430 031 Prepayments and accrued income 1 338 724 610 702 526 453 Together 8 280 599 9 320 572 9 565 236 Cash in hand and in banks 2 919 726 3 552 747 5 545 873 Total assets 20 516 983 24 336 044 24 452 578 FinanCial report 2011 7
Lappset Group LTD / consolidated BAlance sheet Liabilities ( ) 31.12.2011 31.12.2010 31.12.2009 CAPITAL AND RESERVES Subscribed capital 814 804 814 804 814 804 Invested free equity fund 0 0 608 655 Retained earnings 10 303 426 9 114 819 7 003 699 Profit for the financial year 378 962 2 008 077 3 080 231 Together 11 497 192 11 937 700 11 507 390 Minority share 1 976 114 2 146 746 1 793 946 Obligatory reserve 0 7 500 200 000 CREDITORS Long-term Loans from credit institutions 1 179 108 1 340 660 1 294 169 Imputed tax liability 225 504 286 384 208 595 Other capitalised long-term expenses 0 0 499 Together 1 404 612 1 627 044 1 503 264 Short-term Loans from credit institutions 409 735 1 795 326 1 478 820 Trade creditors 1 780 412 2 341 850 2 174 517 Amounts owed to participating interest undertakings 36 002 0 10 741 Other creditors 544 855 990 279 621 557 Accruals and deferred income 2 868 061 3 489 599 5 162 344 Together 5 639 065 8 617 054 9 447 979 Total liabilities 20 516 983 24 336 044 24 452 578 financial report 2011 8
Lappset Group LTD / consolidated Statement of Source and Application of funds ( ) 1.1. - 31.12.2011 1.1. 31.12.2010 1.1. 31.12.2009 Cash flow from operating activities Cash flow from operating activities Operating profit 1 102 593 3 517 037 4 685 984 Adjustments to operating profit 1 603 471 1 468 104 1 858 103 Change in working capital 1 652 909-1 368 082 1 654 710 Change in stocks 1 368 617-1 024 402 236 718 Change in current receivables 1 588 815 366 100 1 008 571 Change in short-term loans -1 304 523-709 781 409 421 Interest paid -362 498-279 663-382 451 Interest received 102 018 114 532 224 764 Taxes -1 332 991-1 776 786-933 802 Cash flow from operating activities 2 765 502 1 675 141 7 107 308 Cash flow from investments Investments in tangible and intangible assets -900 896-2 921 847-503 040 Proceeds from disposal of tangible and intangible assets 14 604 168 334 28 362 Granted loans 0 0-73 300 Loan repayments 0 0 10 000 Acquisitions of subsidiaries -173 199 0 0 Cash flow from investments -1 059 491-2 753 513-537 979 Cash flow from financing activities Short-term loan withdrawals 26 548 0 0 Short-term loan repayments -190 755 0-1 218 778 Long-term loan withdrawals 124 350 1 848 145 0 Long-term loan repayments -1 507 287-1 485 648-1 463 076 Dividends paid -793 232-1 362 864-709 131 Cash flow from financing activities -2 340 376-1 000 366-3 390 985 Translation differences 1 344 85 612 2 134 Change in liquid assets -634 365-2 078 738 3 180 479 Liquid assets as of 1 January 3 552 747 5 545 873 2 365 395 Liquid assets as of 31 December 2 919 726 3 552 747 5 545 874 FinanCial report 2011 9
Lappset Group LTD / PArent company profit and loss ( ) 1.1. - 31.12.2011 1.1. 31.12.2010 1.1. 31.12.2009 Net turnover 33 394 764 33 235 436 35 389 773 Variation in stocks of finished goods -816 451 445 003-258 135 Production for own use 18 070 62 681 31 765 Other operating income 47 464 148 809 99 422 Raw materials and services Raw materials and consumables Purchases during the financial year -11 696 449-12 705 598-12 330 119 Variation in stocks -233 765 52 077-1 037 External services -1 337 512-842 836-958 991 Together -13 267 726-13 496 357-13 290 147 Staff expenses -9 114 861-9 185 676-9 572 368 Depreciation and reduction in value Depreciation according to plan -1 252 455-1 335 298-1 363 105 Other operating charges -7 932 941-7 706 940-7 424 603 Operating profit 1 075 863 2 167 659 3 612 602 Financial income and expenses Income from group undertakings 44 750 114 898 117 470 Income from other undertakings 195 213 150 Other interests- and financial income from group undertakings 59 189 58 111 66 823 others 22 297 37 531 90 339 Other interest and financial income 7 877 138 061 112 310 Interests and other financial expenses for group companies -5-115 -62 for others -104 842-315 881-317 017 Impairment losses on fixed asset investments -1-73 243 0 Financial income and expenses together 29 460-40 426 70 013 Profit before extraordinary items 1 105 323 2 127 233 3 682 615 Extraordinary items Extraordinary expenses -129 800-113 200-115 000 Profit before appropriations and taxes 975 523 2 014 033 3 567 615 Appropriations Change in depreciation reserve 248 500 172 243 224 715 Taxes Income taxes for previous years -51 134-105 247 74 173 Income taxes for the financial year -388 110-576 286-1 024 536 PROFIT FOR THE FINANCIAL YEAR 784 779 1 504 743 2 841 968 financial report 2011 10
Lappset Group LTD / PArent company BAlance sheet assets ( ) 31.12.2011 31.12.2010 31.12.2009 Non-current assets Intangible assets Development costs 0 75 418 175 975 Intangible rights 378 748 417 085 610 872 Goodwill 0 140 336 280 673 Other capitalized long term expenses 113 097 151 230 215 350 Advance payments 0 20 832 3 789 Together 491 845 804 901 1 286 658 Tangible assets Land and waters 156 433 156 433 161 789 Buildings 630 071 691 318 761 479 Machinery and equipment 1 437 150 1 658 819 2 082 476 Other tangible assets 35 865 35 865 25 865 Advance payments on fixed assets 265 604 279 119 16 588 Together 2 525 123 2 821 554 3 048 198 Investments Holdings in group undertakings 2 354 082 1 811 217 2 066 963 Other shares and similar rights of ownership 440 063 438 463 434 463 Together 2 794 146 2 249 680 2 501 426 CURRENT ASSETS Stocks Raw materials and consumables 377 388 573 978 501 305 Production outstanding 72 262 109 437 130 033 Finished goods 1 772 606 2 589 057 2 144 054 Stocks together 2 222 256 3 272 472 2 775 391 Deptor Long-term Amounts owed by group undertakings 562 241 361 094 337 114 Loan receivables 73 300 73 300 73 300 Together 635 541 434 394 410 414 Short-term Trade debtors 1 883 412 2 382 406 2 636 008 Amounts owed by group undertakings 1 578 068 1 920 872 2 223 406 Other debtors 217 975 318 227 369 631 Prepayments and accrued income 1 055 719 410 254 318 721 Together 4 735 174 5 031 759 5 547 766 Cash in hand and in banks 1 087 457 1 931 975 3 916 673 Total assets 14 491 542 16 546 736 19 486 527 FinanCial report 2011 11
Lappset Group LTD / PArent company BAlance sheet Liabilities ( ) 31.12.2011 31.12.2010 31.12.2009 CAPITAL AND RESERVES Subscribed capital 814 804 814 804 814 804 Other reserves Invested free equity fund 0 0 608 655 Retained earnings 9 366 162 8 682 223 6 894 988 Profit for the financial year 784 779 1 504 743 2 841 968 Together 10 965 745 11 001 770 11 160 415 appropriations Depreciation reserve 0 248 500 420 743 Obligatory reserve 0 7 500 200 000 CREDITORS Long-term Loans from credit institutions 124 350 2 196 1 294 169 Together 124 350 2 196 1 294 169 Short-term Loans from credit institutions 28 654 1 291 973 1 460 102 Trade creditors 1 013 738 1 167 742 1 257 162 Amounts owed to group undertakings 164 620 8 338 458 685 Other creditors 182 673 445 578 189 541 Accruals and deferred income 2 011 763 2 373 139 3 045 710 Together 3 401 446 5 286 770 6 411 199 Total liabilities 14 491 542 16 546 736 19 486 527 financial report 2011 12
Lappset Group LTD / PArent company Statement of Source and Application of funds ( ) 1.1. - 31.12.2011 1.1. 31.12.2010 1.1. 31.12.2009 Cash flow from operating activities Operating profit 1 075 863 2 167 659 3 612 602 Adjustments to operating profit 1 230 351 1 121 782 1 559 797 Change in working capital 1 169 406-535 856 393 888 Change in stocks 1 050 216-497 081 259 172 Change in current receivables 626 025 192 014-265 782 Change in short-term loans -506 836-230 789 400 498 Interest paid -240 682-206 408-329 584 Interest received 82 462 126 261 267 973 Dividends received 44 945 115 111 117 620 Taxes received -1 110 351-1 287 380-667 149 Cash flow from operating activities 2 251 994 1 501 170 4 955 146 Cash flow from investments Investments in tangible and intangible assets -644 569-646 568-276 026 Proceeds from disposal of tangible and intangible assets 14 604 39 500 13 475 Granted loans 0 0-73 300 Acquisitions of subsidiaries -303 431 0 0 Loan repayments -201 147-23 980 361 970 Cash flow from investments -1 134 542-631 048 26 119 Cash flow from financing activities Short-term loan withdrawals 26 548 0 0 Long-term loan withdrawals 124 350 0 0 Short-term loan repayments 0 0-115 254 Long-term loan repayments -1 292 063-1 460 102-1 460 102 Dividends paid -820 804-1 394 718-615 603 Group contribution income and expenses 0 0-171 000 Cash flow from financing activities -1 961 969-2 854 820-2 361 958 Change in liquid assets -844 518-1 984 698 2 619 307 Liquid assets as of 1 January 1 931 975 3 916 673 1 297 371 Liquid assets as of 31 December 1 087 457 1 931 975 3 916 678 FinanCial report 2011 13
Auditor s Report To the Annual General Meeting of Lappset Group ltd We have audited the accounting records, the financial statements, the report of the Board of Directors, and the administration of Lappset Group Oy for the year ended 31 December, 2011. The financial statements comprise the consolidated balance sheet, income statement and cash flow statement and notes to the consolidated financial statements, as well as the parent company s balance sheet, income statement, cash flow statement and notes to the financial statements. Responsibility of the Board of Directors and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of financial statements and report of the Board of Directors that give a true and fair view in accordance with the laws and regulations governing the preparation of the financial statements and the report of the Board of Directors in Finland. The Board of Directors is responsible for the appropriate arrangement of the control of the company s accounts and finances, and the Managing Director shall see to it that the accounts of the company are in compliance with the law and that its financial affairs have been arranged in a reliable manner. Auditor s Responsibility Our responsibility is to express an opinion on the financial statements, on the consolidated financial statements and on the report of the Board of Directors based on our audit. The Auditing Act requires that we comply with the requirements of professional ethics. We conducted our audit in accordance with good auditing practice in Finland. Good auditing practice requires that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and the report of the Board of Directors are free from material misstatement, and whether the members of the Board of Directors of the parent company or the Managing Director are guilty of an act or negligence which may result in liability in damages towards the company or have violated the Limited Liability Companies Act or the articles of association of the company. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and the report of the Board of Directors. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation of financial statements and report of the Board of Directors that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and the report of the Board of Directors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements and the report of the Board of Directors give a true and fair view of both the consolidated and the parent company s financial performance and financial position in accordance with the laws and regulations governing the preparation of the financial statements and the report of the Board of Directors in Finland. The information in the report of the Board of Directors is consistent with the information in the financial statements. We recommend that the fi nancial statements with consolidated financial statements be adopted. The proposal by the Board of Directors regarding the distribution of the parent company s result for the period is in compliance with the Finnish Limited Liability Companies Act. We recommend that the Members of the Board of Directors of the parent company and the Managing Director be discharged from liability for the financial period audited by us. Rovaniemi March 2, 2012 KPMG Oy Ab Tapio Raappana Authorized Public Accountant financial report 2011 14
Signatures of the Chairman of the Board of Directors and the Managing Director Johanna Ikäheimo Chairman of the Board Juha Laakkonen Managing Director Erkki Ikäheimo Member of the Board Torkel Tallqvist Member of the Board Kimmo Lautanen Member of the Board Thomas Berfenfeldt Member of the Board NOTATION OF THE ANNUAL REPORT Auditors report of the completed auditing has been handed out today. KPMG OY AB Tapio Raappana Authorized Public Accountant FinanCial report 2011 15
Lappset group oy LTD, P.O. BOX 8146, FI-96101 ROVANIEMI Tel. +358 207 750 100, Fax +358 207 750 101 lappset@lappset.com, www.lappset.com WE INVITE MANKIND OUTDOORS!